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WASHINGTON -- The International Monetary Fund has approved a $791 million stand-by loan to Poland to support a program that could spur rapid economic growth for the rest of the decade.
The loan, part of which will be set aside for paying off debt, may be increased if Poland wraps up a debt restructuring agreement with commercial bank creditors, the IMF said Friday.
The IMF threw its backing behind a program that projects growth this year of 4.5 percent, rising to 5.0 percent next year. In 1993, it was 3.8 percent, only the second year of growth after a chronic recession in 1991.
Inflation and the current account deficit are also seen to be declining, though the budget deficit may be on the rise this year.
"Poland's medium-term outlook is generally favorable and it should be possible to attain growth rates of 5 percent annually in the second half of the decade, provided that the medium-term economic strategy is steadfastly implemented," an IMF statement said.
But the IMF warned that there are potential trouble spots ahead, and that the government should stay on its toes.
Warsaw Gets IMF Loan
09 August 1994
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